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A review of things you need to know before you go home on Friday; NZ$ faces more downward pressure, Harmoney targets $100m of loans, apartment auction produces astounding result

A review of things you need to know before you go home on Friday; NZ$ faces more downward pressure, Harmoney targets $100m of loans, apartment auction produces astounding result
For Friday, September 26, 2014. <a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
There were no changes today.

TODAY'S DEPOSIT RATE CHANGES
There were no changes today.

NZ DOLLAR LIKELY TO TO FALL FURTHER
The NZD has severely underperformed its peers over the past 24 hours. It now sits almost 2% lower relative to the USD, at US79.46c. In the absence of data flow the NZD had been idling sideways yesterday morning. Then the RBNZ delivered a bombshell.

HARMONEY AIMS TO LEND $100M IN FIRST YEAR
Peer-to-peer lender Harmoney says it has lent $2m to date but is aiming for $100m in loans in its first year, but is rejecting 70-80% of the applications it receives.

MASSIVE JUMP IN APARTMENT PRICE REFLECTS MARKET CONFIDENCE
An Auckland apartment purchased just two months ago for $290,000 was resold at auction this week for $350,000. At the same auction both owner-occupied and investment apartments attracted strong bidding, suggesting the current residential property boom still has plenty of puff.

FMA OUTLINES CONCERNS OVER BANKS' KIWISAVER TACTICS
Financial Markets Authority boss Rob Everett said the organisation has some concerns about the way banks are encouraging people to switch KiwiSaver providers, although he doesn't see the issue as a systemic problem.

WHOLESALE RATES
Swap rates are mixed with small rises occurring in the short end and equivalent falls in the longer end. The 90 day bank bill rate is unchanged at 3.73%.

OUR CURRENCY
Check our real-time charts here. The Kiwi dollar rebounded slightly in early morning trade after being hammered overnight. The NZD is currently 79.4 USc and 90.3 AUc. The TWI currently sits at 77.15.

You can now see an animation of this chart. Click on it, or click here.

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9 Comments

A fairly good read Greek crime and economics story for the weekend 

http://www.bbc.co.uk/news/special/2014/newsspec_8700/index.html

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This should provoke a lot of discussion about regulatory capture: the words of Goldman Sachs 

http://www.bloombergview.com/articles/2014-09-26/the-secret-goldman-sac…

 

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Couple of interesting analysis on the NZD from currency traders this morning. One saying the volume could be exhaustive and the other that there are no bullish signs to hint at a reversal.

 

http://www.dailyfx.com/

 

If you use the frop down box for under charts the last one is what they used to have as the standard chart and it has enough functions to make it useful. Overlaying the AUD shows we started this decline before them but the magnatude is similar. So wondering if WMP is priced into this at all yet.

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David Cunliffe has spoken from his hermit's retreat , in Herne Bay , to announce to the world that the Labour Party's loss in last weeks election was due to two things ....

 

... one being that the Labour Party has inadequate funding ...

 

And the other being that some of Labour's policies did not resonate , or were misunderstood , by the public ....

 

... restrain yourselves from laughing so hard that you accidentally poop or wee wee your knickers !!!! ..... nyahhhh haaaaaa deeeeeee heeeeeee haaaaaaaaaaaaaaaaa .....

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While National had unprecedented funding, I think the Conservative Party and Internet Mana both had adequate funding, and look where they got.

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David... mate.... seriously, we're the customer.   It's you, not us.
If you were underfunded going into an election, perhaps your teams financial nouse isn't what it should be.... if you admit you can't fund the election, how do you think you could fund the promises you made during the election?
   Given that the _biggest_ single criticism aimed at Labour (and Grins) is that their promises aren't fiscally or economically sound, perhaps your admission oif underfunding is a dire warning of a internal problem.  (that and 7.5 hr meetings...)

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Interesting that the underfunded story is actively undermining the nations primary valuation metric NZDUSD - it seems speculators etc cannot get out fast enough post the election. Another political accident at the bottom of the cliff waiting for an ambulance?

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